Florida Insurance Council - Covering Florida Since 1962
By: Katrina Callaway, FIC General Counsel The Board of Governors of Citizens Property Insurance Corporation (Citizens) met by phone on March 25, 2020. The Board meeting materials can be reviewed here. During the meeting, Citizens President, Barry Gilway, presented an overview of the domestic property insurance market to the Governors. He noted the profitability of…
By: Katrina Callaway, FIC General Counsel On March 17, 2020, staff of the Florida Hurricane Catastrophe Fund (FHCF) gave a hurricane reimbursement and financial update to their Advisory Council. As of February 29, 2020, the FHCF has reimbursed insurers almost $3.8B for Hurricane Irma claims and expects to reimburse $6B. For comparison purposes, the industry…
By: Katrina Callaway, FIC General Counsel The Florida Hurricane Catastrophe Fund Advisory Council received a report from the Fund’s actuaries during its meeting on March 17, 2020 showing rates for Fund coverage for 2020 are essentially level, with a rate on line of 7.02% for 2020 compared to a 7.06% rate on line for 2019.…
By: Katrina Callaway, FIC General Counsel The House passed two bills to the Senate containing their language prohibiting a condo unit owner’s property policy from allowing a unit owner to subrogate against the condo association if the association’s policy does not allow the association to subrogate against the unit owner. But, neither bill ultimately passed,…
By: Katrina Callaway, FIC General Counsel On March 9, 2020, full House approved HB 1193, a bill deregulating numerous professions and occupations. The bill includes changes to the membership of the Florida Building Commission which may be important to the property insurance industry. On March 12, 2020, the Senate took up the House bill,…
By: Katrina Callaway, FIC General Counsel On March 9, 2020, the Florida House adopted an amendment to a Senate glitch bill on business organizations, SB 838, dealing with how policyholders of mutual insurance company or mutual insurance holding company can vote. The amendment allows policyholders to vote in person, by mail, electronically, or other means…
By: Katrina Callaway, FIC General Counsel HB 529 increases the FIGA coverage limit and the FIGA emergency assessment maximum for condominium association and homeowners’ association FIGA claims. The bill passed the full House on March 10, 2020 and was sent to the Senate for approval. The Senate approved the bill on March 11, 2020. …
By: Katrina Callaway, FIC General Counsel SB 540, dealing with FIGA and FWCIGA, passed the Senate on February 26, 2020 with a vote of 40-0. It was sent to the House who approved the bill on March 11, 2020 with a vote of 116-0. The bill now goes to Governor DeSantis for signature and we…
By: Katrina Callaway, FIC General Counsel During Special Order on March 9, 2020, the Florida House adopted an amendment to a Senate glitch bill on business organizations, SB 838, dealing with how policyholders of mutual insurance company or mutual insurance holding company can vote. Essentially, Amendment #145281 allows policyholders to vote in person, by mail,…
By: Katrina Callaway, FIC General Counsel On March 9, 2020, full House approved HB 1193, a bill deregulating numerous professions and occupations. The bill includes changes to the membership of the Florida Building Commission which may be important to the property insurance industry. The bill now goes to the Senate for approval. Before…